uiz i2Required information[The following information applies to the questions displayed below.]The fixed budget for 20,900 units of production shows sales of $438,900; variable costs of $62,700; and fixed costs of$142,000.If the company actually produces and sells 27,300 units, calculate the flexible budget income.Contribution marginFlexible Budget---------Flexible Budget at ---Variable Amountper UnitTotal FixedCost20,900 units27,300 units< Prev3 4 of 8Next >

Sales per unit = Sales / units of production = $438,900 / 20,900= $21Variable cost per unit =…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q3: Flexible budget for a product as prepare by Anchor Ltd, is given below: Sales – unit 10,000 15,000 20,000 Rs. Rs. Rs. Sales 800,000 1,200,000 1,600,000 Manufacturing cost: Variable 300,000 450,000 600,000 Fixed 200,000 200,000 200,000 Total manufacturing cost 500,000 650,000 800,000 Marketing and other expenses: Variable 200,000 300,000 400,000 Fixed 160,000 160,000 160,000 Total Marketing and other exp 360,000 460,000 560,000 Operating…
Contribution Margin Variance Iliff, Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($100 × 26,000) $2,600,000 ($145 × 16,000) $2,320,000 $4,920,000 Variable expenses 455,000 750,000 1,205,000 Contribution margin $2,145,000 $1,570,000 $3,715,000 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($80 × 24,500) $1,960,000 ($165 × 13,500) $2,227,500 $4,187,500 Variable expenses 500,000 703,400 1,203,400 Contribution margin $1,460,000 $1,524,100 $2,984,100 Required: 1. Calculate the contribution margin variance.
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QUESTION 1 A company manufactures and sells a single product. Budgeted data per unit of the product is: (20 Marks) Selling Price Variable Cost* Fixed Production overhead R 8.50 3.70 2.90 *All variable costs are manufacturing i.e there are no non-manufacturing variable costs. The above fixed production overhead absorption rate is based on budgeted production of 12,000 units per period. Budgeted non-production overhead (all fixed) is R16, 800 per period. Actual sales and production for two periods has been: Sales Production Period 1 11 600 units 12 000 units Period 2 12 400 units 12 300 units There was no stock at the start of Period 1. The selling price, unit variable costs and total fixed costs were as per budget in both periods. REQUIRED 1.1 Prepare statements of Comprehensive income for both periods (ie period 1 & Period 2), using absorption costing, showing the actual results for each of the two periods. (7) The company wishes to compare the results reported in (1.1) above with…
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q4: Flexible budget for a product as prepare by Anchor Ltd, is given below: Sales – unit 10,000 15,000 20,000 Rs. Rs. Rs. Sales 800,000 1,200,000 1,600,000 Manufacturing cost: Variable 300,000 450,000 600,000 Fixed 200,000 200,000 200,000 Total manufacturing cost 500,000 650,000 800,000 Marketing and other expenses: Variable 200,000 300,000 400,000 Fixed 160,000 160,000 160,000 Total Marketing and other expen 360,000 460,000 560,000 Operating…
Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $0 Actual Results Flexible Budget Static Budget $ 0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? C. What is the flexible budget variance for variable costs? <¶► 0 0 $ 0 0 0 0 $ ◆ 0 0 $ 0 0 0 0 $ d. What is the flexible budget variance for fixed costs? 0 0 0 0 0 0
Current Attempt in Progress Sandhill's, Inc. has provided you with the following financial information: Budgeted Actual Sales Quantity 8,100 8,300 Sales price per unit $6.50 $6.25 Variable product cost per unit 2.50 2.75 Selling expense (fixed) 5,100 8,100 Administrative expense (fixed) 17,100 16,100 Income tax expense 3,900 4,100 Prepare a flexible budget. SANDHILL'S, INC. Flexible Budget Sales Revenue
Required A Required B Prepare the pro forma income statement in contribution format that would appear in a flexible budget. SOLOMON MANUFACTURING COMPANY Pro Forma Income Statement Flexible Budget $ 0
The fixed budget for 20,600 units of production shows sales of $473,800; variable costs of $61,800; and fixed costs of $141,000. If the company actually produces and sells 26,700 units, calculate the flexible budget income.
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